Pilgrim’s Pride reports 27.3% revenue growth in Q2 – Greeley Tribune

GREELEY – Pilgrim’s Pride Corp. (NASDAQ: PPC ) reported Thursday that revenue rose 27.3% year-over-year to $4.63 billion in the second quarter of 2022, from $3.95 billion in the second quarter of 2021.

Pilgrim’s Pride also had net income of $362 million after incurring a net loss of $166 million in the second quarter of 2021. That came to earnings of $1.51 per share, compared with a loss of 68 cents per share last year.

This indicates the company’s continued strength in 2022. At the end of the first quarter, it launched a $200 million share buyback program “given continued confidence in the business’s growth potential and its strong balance sheet position.”

And in February, the company also rejected an offer last month from JBS SA, which owns 80 percent of Pilgrim’s Pride, to buy its remaining stake.

Pilgrim’s Pride said in a filing with the U.S. Securities and Exchange Commission that it rejected JBS’s offer of $28.50 per share, “concluding that the offer would substantially dilute the value of PPC’s common stock.” have given.”

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.

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